Facebook CEO Mark Zuckerberg announced a new search tool at a highly-anticipated press event Tuesday.

The new feature, dubbed "Graph Search," allows Facebook users to search their own network of connections for people, places, photos and interests that have been shared on Facebook. For example, users will be able to search for "friends who live in my city," "photos of the Eiffel Tower," or "music my friends like."

Facebook first announced the event last week, but was vague in its media invitations, calling for reporters to "Come and see what we're building." But investors appeared to be unimpressed with the announcement. Shares of Facebook (FB) fell 2.8% Tuesday.

In September, while speaking publicly for the first time since Facebook's IPO, Zuckerberg highlighted the company's "big opportunity" in search, noting that users generate a billion searches on Facebook per day.

Prior to Tuesday's event, there was a lot of speculation on StockTwits about the event.